California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Broker Misrepresentation
Brokerage Firms Sued
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Are you a new client?
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

Broker Fong I. Cheang Fined & Suspended for Failing to Disclose Felony Fraud Charges

The Financial Industry Regulatory Authority (FINRA) suspended broker Fong I. Cheang of Diamond Bar, California, through November of 2013 for failing to update her Form U4 to indicate she had been charged with a felony and pled no contest to that charge. The Authority additionally fined Cheang $5,000 for the omission, which FINRA claims resulted in her U4 document containing "inaccurate, false and materially misleading information."

FINRA Case #2010025119201

The findings allege that while Cheang was employed by Citibank/Citigroup, she failed to update her Form U4 to reflect two felony charges on December 19, 2006 and a third on May 11, 2007, to which she pleaded no contest.

Specifically, in 2006, Cheang was indicted in the Los Angeles Superior Court for felony insurance fraud she allegedly had committed while employed at Citicorp. On February 2, 2007, she pled "no contest" to the two charges. After agreeing to cooperate with the Los Angeles County District Attorney and local law enforcement during any subsequent investigations and pay $1,917 in restitution, on May 11, 2007, she was charged with a third felony and pled "no contest." It was at this point, May 11, 2007, FINRA considered Ms. Cheang to have been statutorily disqualified from working in a registered capapcity in the securities industry. In November 2008, Cheang withdrew her no contest plea and all three charges were dismissed.

FINRA found that Cheang failed to report the felony charges and no contest plea(s) as was required as a condition of her registration with FINRA. Thus FINRA found that Cheang's failure to amend her Form U-4 while associated with Citibank resulted in the document containing inaccurate, false and materially
misleading information. As part of settling her disciplinary matter with FINRA, Chaeng did not admit or deny this finding or the discipline imposed.

If you invested with Fong I. Cheang during the period FINRA claims she should have been statutorily disqualified—May 11, 2007 through November 26, 2008—or have invested with another broker or firm who has failed to disclose a criminal history, and thisomission has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.